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Dumb and (even) dumberer

I wrote earlier this week about Financial Transaction Taxes and why the regulators’ ‘rationale’ for these taxes is either misplaced or disingenuous. An even more extreme example, however, was pointed out to me the other day concerning that other controversial topic, dark pool trading. As part of our regular analysis we pointed out that European dark pool trading had... Read More

The dark gets darker

In the past 6 months, European dark pool trading has grown by 45% compared to the same period last year, and yet the universe of stocks traded in the dark has only grown by 2%. Read the full analysis in our latest report.  Read More

Where’s my TV remote?

The recently proposed cap on European dark trading has caused quite a stir. It also illustrates how MiFID II policy-making has descended into almost Eurovision song contest levels of farce. The basic idea is to put a cap (currently proposed at 8%) on the level of trading that occurs away from lit markets. The rationale for this is to protect the regulator’s precious price... Read More

Dark matter 2

Welcome to the second issue of our European Dark Trading Analysis. In this report we provide a comparative performance analysis for the major European dark pools, together with a useful at-a-glance summary of the regulatory framework across the globe. Thanks to everyone for their suggestions so far and please keep them coming – just email the team. Download your copy here.  Read More

Dark matter

In cosmology, dark matter is a type of matter that the boffins reckon accounts for a large part of the total mass of the universe. It cannot be seen and neither emits nor absorbs light. And yet it is estimated to account for over 80% of the total universe – so, pretty important then. In European equities trading the rise of dark pools has created a similar enigma. Everybody knows... Read More

I’m a mid-sized broker – get me out of here!

On the train this morning, I was browsing through London’s Metro newspaper to see who the latest ‘victims’ in The X Factor, Strictly, I’m a Celebrity etc, were (incidentally, it’s probably the people that actually watch these programs, but that’s another story). I was a bit shocked, therefore, to come across a double page spread examining dark pool trading. I... Read More

Alternative venues play waiting game in Japan

Just back from an interesting week in Japan where I was presenting at the annual GMAC conference, Japan International Banking & Securities Systems Forum. The impact of Japan’s alternative venues (known as PTSs) was a particular area of discussion, especially now that Chi-X has set up in Australia and with Korea looking to introduce a multi-market structure too. It’s been... Read More

Australia joins the global fragmentation movement

I was a guest last week to mark the opening of the Australian Liquidity Centre which is not, as you might think, the latest trendy Sydney nightspot. Instead it’s the name chosen by ASX for its impressive new co-location facility and represents the exchange’s latest move to meet the imminent opening up of equities trading Down Under. The transfer of market supervision from... Read More

The Great Game

I was the guest of DnB NOR in Oslo earlier this week where I participated in their Nordic Market Structure and Best Execution Summit. The event was well attended and included a number of significant buy-side firms. One of the themes that emerged was that liquidity demand seems to be consolidating into a smaller number of large investment firms whilst, conversely, liquidity supply... Read More

Fragmentation Milanese style

I spent the first half of this week in Milan, as the guest of Assonime and Emittenti Titoli, debating trends in the European securities industry. What made the event especially interesting for me was that it brought together participants from both the trading community and those involved in issuing shares on capital markets. For those firms that are listed on public markets it seems... Read More

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